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In accordance with a brand new press report published by South Korea’s Nationwide Intelligence Service (NIS), North Korean hackers have stolen greater than 800 billion Korean received ($620 million) value of cryptocurrencies from decentralized finance, or DeFi, platforms this yr. The company additionally revealed it blocked a day by day common of 1.18 million assaults perpetrated by nationwide and worldwide hacking organizations in November. 

Nonetheless, a NIS spokesperson revealed through native information outlet Kyunghyang Shinmun that the entire $620 million stolen by North Korean hackers by DeFi exploits occurred abroad, including: 

“In Korea, digital asset transactions have been switched to real-name transactions and safety has been strengthened, so there is no such thing as a injury.”

Many funds have been misplaced in DeFi exploits this yr. Supply: Token Terminal

In 2021, South Korea carried out new know-your-customer (KYC) cryptocurrency buying and selling guidelines requiring shoppers to create a real-name account with the identical financial institution as their cryptocurrency change to deposit or withdraw funds. Each the financial institution and the change are then required to confirm the shopper’s id. As well as, exchanges should get hold of a license from the Monetary Companies Fee earlier than commencing operations.

North Korean hacker syndicates, resembling Lazarus Group, have been linked to a variety of high-profile DeFi breaches this yr, such because the $100 million Harmony attack. Consultants mentioned that such assaults are a method of producing international forex reserves within the face of strict business sanctions imposed by the worldwide group. The NIS additionally warned that North Korean cyber assaults would intensify subsequent yr:

“It’s vital to investigate assaults as intently as defenses. As a result of one hacker group has all of the assault data and doesn’t overlook it. It’s vital to collect data associated to malicious code scattered by varied attackers to search out significant insights.”